So you want to buy a home and you need a mortgage. You think, lenders are all the same just like Realtors are all the same. Doesn't matter if they are local or 8.6 light years away (like Sirius, one of the brightest stars we can see.) Oh boy, nothing could be farther from the truth. Come on folks, I hear over and over again how Realtors have disappointed you and that's why you end up in my lap (I love it!) So believe me when I say the same is true of lenders, and you might well ignore this advice and then be sorely disappointed, or angry, or worse - lose the house!
Believe Me - Mortgage Lenders Are Not All The Same
Mortgage lenders are not all the same and most of you have random experiences with the home mortgage industry let alone loan officers. The difference in interest rates from one lender to another will never vary much. They are dictated by the bond market, and then by your credit history.
However the difference in service is huge.
There is a reason why I recommend certain lenders. There are reasons (plural) that I recommend you never, ever, ever go with a non local lender - even if they have a local office. (Because that won't help you.)
My lenders are vetted by me. That matters because any loan officer that has screwed me gets dropped from my list in less than a heartbeat! Those that are on my list are there for a reason. How about:
- Honesty, numero uno in my book!
- Morals, following a very close second to numero uno!
- Know their job inside and outside, up-ways and sideways, any which way but never lose.
- Proven to me over and over, and yes, over and plenty more overs, they know what they are doing.
- Keep me in the loop all day long.
- Let me know of glitches right away.
- They answer the phone.
- They don't tell me it's the processors job now, or better put, abdicate.
- They'll talk to me all day any day. No weekends off.
- If they're on vacation, I get bumped up to the boss, not down to a menial, because it's me, yes me!
- They do what they say!
It is because I know that if they send a pre-approval letter they've done their homework on my buyer. It's about as guaranteed as it possible can be. (If you lose your job, it's not their fault they cannot now lend.)
A huge part of my job these days is staying on top of the mortgage approval process. I can do that with ease with my lenders but not with yours, most won't give me the time of day let alone be pro-active in keeping your purchase all together.
There really isn’t a penalty for the loan officer or the lender if the closing is delayed for weeks but delays can really mess up your purchase, you can lose your contract and therefore the house.
Out of town lenders have bigger issues that Mount Everest, at least in my life experience selling houses here in Barrington, so far. They have no clue how we transact real estate here. I guarantee you where they are, it ain't the same. Therefore they have no clue what we're talking about! Equals delay after delay.
Internet lenders. Same is true of non local lenders. Add to that your file is going to be on a computer in front of whoever might be working that day. There's no one point of contact. Talk about frustrating.
Pick Mine, Pick Mine. Why?
So remember this. I sell houses all year long and work with only the best loan officers. I know where they live too! We've got history, some of it long. I know if they are away, we're Facebook friends, I even know what they eat for dinner! If I ever thought they were not doing a bang up job, I would drop them.....but I never have!
Buying a house and need a mortgage? Trust me non local, internet, or even lenders you think are going to be great have about a 10% chance of making it through your purchase unscathed. My guys. 100% unscathed to date. Who would you prefer.
At the end of it all, here's what so many of you say.
" Oh Corinne, I wish we had gone with your guy."
For a very short list of the absolute best loan officers in town, you need to buy your house with me. Then you'll get the best Barrington Realtor for home buyers and the best loan officers too! Call me at 847-363-3686.